About Course

A financial accounting course introduces the principles and practices of recording, summarizing, and reporting a company’s financial transactions. It focuses on preparing and analyzing financial statements, such as the income statement, balance sheet, and cash flow statement. The course also explores accounting standards, the double-entry bookkeeping system, and the role of financial information in decision-making for various stakeholders

Course Content

INTRODUCTION TO FINANCIAL ACCOUNTNG
Financial accounting is a branch of accounting focused on recording, summarizing, and reporting a company's financial transactions to external stakeholders. It involves preparing financial statements like the balance sheet, income statement, and cash flow statement, which are used by investors, creditors, and regulators to assess a company's financial health and performance. Essentially, it provides a structured way to understand a company's financial position and how it has performed over a specific period.

  • Meaning, Nature, Significance of Financial Accounting
  • Users of financial accounting information
  • financial accounting principles
  • accounting standards: IFRS and Indian AS

Accounting for Non-Profit Organization:

Unit-III: Higher Purchases and Instalment Payment System
In a hire purchase system, the buyer receives possession of the goods immediately but ownership transfers only after the final payment is made. Conversely, in an installment purchase system, both possession and ownership transfer to the buyer upon agreement, with payments made over time. A key distinction lies in ownership transfer and the vendor's ability to repossess goods in case of default.

Unit-IV: Royalty Accounts
Royalty accounts summarize the financial transactions related to the use of someone else's property or rights, typically involving a lessor (owner) and a lessee (user). These accounts track payments (royalties) made by the lessee to the lessor for the right to utilize the asset, such as a mine, patent, or copyright. The accounts are recorded as expenses for the lessee and income for the lessor

Unit-V: Departmental Accounts
Departmental accounts summarize the financial performance of individual departments within a business. They help assess each department's profitability, identify areas for improvement, and make informed decisions about resource allocation. By tracking income, expenses, and profits separately for each department, businesses can gain a clearer understanding of their operations and overall financial health.

UNIT-VI: Branch Accounts
Branch accounting is a system where separate financial records are kept for each branch or operating location of a company. This allows for detailed tracking of each branch's performance, including revenue, expenses, assets, and liabilities. It provides transparency into each branch's transactions and cash flow, aiding in performance evaluation, resource allocation, and strategic decision-making.

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